Bosch Ltd's Q2 FY27 numbers came in soft, with revenue of Rs. 7,655.10 Cr (+28.24% YoY) and PAT growth of +18.65% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 06, 2026 |
|---|---|
| Revenue (Q2) | Rs. 7,655.10 Cr (+28.24% YoY) |
| PAT (Q2) | Rs. 840.50 Cr (+18.65% YoY) |
| EBITDA margin | 13.55% (-55 bps YoY) |
| EPS (Q2) | Rs. 284.97 (+18.66% YoY) |
Revenue accelerated to +28.2% YoY like-for-like with all segments growing double digits, but the margin miss is the story: consolidated EBITDA margin of 13.55% and standalone 13.02% fell below management's guided ~14% as raw material costs outpaced revenue by 16.2 pts. Reported PAT growth of 18.65% is flattered by a Rs.130.4 cr provision-reversal gain; normalized PAT grew only ~4.9%, and H1 cash conversion at 0.71x PAT flags working-capital strain. The RBIC consolidation and split/bonus announcement are structural events, but the operating core is decelerating relative to the top line.
| Driver | What happened | Verdict |
|---|---|---|
| "Revenue direction: ahead YoY, aided by both demand and first-time consolidation" | +28.24% consolidated YoY, +28.56% standalone | Played out |
| "Margins look flat-to-compressing rather than expanding… the ~14% vs 13.9% pro forma comparison the key test" | Consolidated 13.55%, standalone 13.02%, both below the guided level | Played out |
| Consolidated debut mechanics; RBIC breakup | Consolidated results delivered; RBIC sales breakup not disclosed | Partially |
| Q1 higher-cost inventory build (Rs.188.8 cr, per pre-call note, web-sourced) flowing into Q2 COGS | Not addressed in the filing — inventory build widened to Rs.148.2 cr in-quarter; remains open for the call | Not observable |
| Any further New Labour Code tranche | No fresh provision; a Rs.130.4 cr service-award reversal instead — direction | Contradicted |
| Stock split + bonus announcement may dominate | Announced November 6, 2026 (Rs.10→Rs.2 split 1:5; bonus 3:1), subject to shareholders' approval | Played out |
| 2W growth beyond the guided 8% | Bosch 2W business +17.7% YoY per press release (market prints are web-sourced context only) | Played out |
| West Asia/geopolitics framing update | No explicit update in the filing — remains open for the call | Not observable |
Read our full results preview.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| Consolidated reporting from Q2 FY27 | Q1 FY27 earnings call | Delivered — first consolidated filing, RBIC pooled | Met |
| RBIC completion by end Q1 FY27 | Q1 FY27 earnings call | Completed July 1, 2026, Rs.9,023.8 cr | Met |
| EBITDA margin sustained ~14% / "margins expected to remain stable" | Q4 FY26 and Q1 FY27 calls | Consolidated 13.55%; standalone 13.02% (from 14.00% Q1) | Missed |
| Favorable product mix through FY27 | Q1 FY27 call | Automotive segment margin 13.83% vs 15.50% year-ago | Partially |
| 2-wheeler market resilient ~8% growth in Q2 FY27 | Q1 FY27 call | Bosch 2W business +17.7% YoY (press release) | Met |
| Aftermarket high single-digit growth sustainable | Prior-quarter calls | Aftermarket +13.2% YoY (press release) | Met |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.